STATE OF NEW YORK
________________________________________________________________________
3459--B
2025-2026 Regular Sessions
IN ASSEMBLY
January 27, 2025
___________
Introduced by M. of A. LAVINE, BURDICK, SAYEGH -- read once and referred
to the Committee on Banks -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee --
reported and referred to the Committee on Codes -- recommitted to the
Committee on Codes in accordance with Assembly Rule 3, sec. 2 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to amend the financial services law, in relation to civil penal-
ties for certain fraud or misrepresentation of a material fact with
respect to a financial product or service
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 1 of subsection (a) of section 408 of the finan-
2 cial services law is amended to read as follows:
3 (1) not to exceed five thousand dollars per offense, for:
4 (A) (i) any [intentional] fraud [or intentional misrepresentation]
5 with respect to a financial product or service or involving any person
6 offering to provide or providing financial products or services; or
7 (ii) any representation or omission of a material fact with respect to
8 a financial product or service or involving any person offering to
9 provide or providing financial products or services that misleads or is
10 likely to mislead a consumer when the consumer's interpretation of the
11 representation or omission is reasonable under the circumstances; [or]
12 (B) any violation of state or federal fair debt collection practices
13 or federal or state fair lending laws; or
14 (C) any act or practice that:
15 (i) causes or is likely to cause substantial injury to consumers which
16 is not reasonably avoidable by consumers; and
17 (ii) such substantial injury is not outweighed by countervailing bene-
18 fits to consumers or to competition; and
19 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05052-07-6
